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INCOME AND EXPENSE PROCESS. Presented by Michael Tarello, MAI, ASA Vision Appraisal Technology & James McCathern, CEO Patriot Properties May 21, 2008. INCOME AND EXPENSE PROCEDURES. Income and Expense Management Data Entry of Income and Expense Forms

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income and expense process

INCOME AND EXPENSE PROCESS

Presented by Michael Tarello, MAI, ASA

Vision Appraisal Technology & James McCathern, CEO Patriot Properties

May 21, 2008

income and expense procedures
INCOME AND EXPENSE PROCEDURES
  • Income and Expense Management
  • Data Entry of Income and Expense Forms
  • Analysis of Actual Income, Expenses, Vacancies and Capitalization Rates
  • Develop Market Rates
  • Reconciliation Process
income and expense management
INCOME AND EXPENSE MANAGEMENT
  • Mail Forms Out by First of February
  • Types of Forms
    • DOR Suggested Forms
    • Vendor Form
    • Town Created Forms
    • General Form, Specialized Form or a Combination of Both
    • Use Forms that meets Towns Requirements and Gives the best fit to the CAMA product being Utilized
income and expense management4
INCOME AND EXPENSE MANAGEMENT
  • When do you Have Enough Supporting Data
  • Second Mailer to Specific Properties
  • Gather I/E Info from Neighboring Towns
  • Specialized Properties
  • Nursing Home Forms, Hotel/Motel Financials, Cell Tower Leases, Mobile Home Park Rents
data entry of i e forms
DATA ENTRY OF I & E FORMS
  • Sort Through Usable and Owner Occupied
  • Organize by Property Type
    • Same Thought Process
  • Do’s and Don’ts
  • Determine Type of Lease
  • Expense Ratios
analysis of actual income
ANALYSIS OF ACTUAL INCOME
  • Categorize Income & Expense Data by Use (Office, Retail etc…)
  • New Leases To Old Leases or Step Ups
  • Identify Outliers for Rental Rates, Expense Ratios and Vacancy Rates
  • Determine Location and Utility Adjustments for each Properties Rental Rate
set market rates
SET MARKET RATES
  • Using Actual Income and Expense Data to Set Standard Rates Per Use
  • Creating Rental Parameters Based on Size or a Set Unit
  • Determining Adjustments from the Market for Various Elements that Effect Value
  • These Elements are Location, Utility, Quality of Expense Ratios, Vacancy Rates and Risk Factors of Cap Rates
  • Sample Reports, Actual Data and Market Rent Schedules
reconciliation process
RECONCILIATION PROCESS
  • Create an Income/Cost Report by Use
  • Reconcile the Properties by Use to Ensure Equitable Values Per Unit of Comparison, based on Location and Utility
  • Once Complete, Review Values Looking for Outliers
  • Rely on the Old to New Report and the Value per SF Spread Sheet Sorted by Use
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